This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/08/22/launching-the-customer-loyalty-programs-the-big-guys-use-slow-your-roll/
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by Ray Clopton, CEO of Wilbur
Are you considering launching a conventional customer loyalty program? You might want to reconsider. Offering a new customer loyalty program modeled after what national chains have used for years is like building a coal-fired power plant today. Why? What worked yesterday, won’t pass muster today. Our environment has changed with the time — and, even if you loved coal, there are much more cost-effective technologies available now.
Fostering true customer loyalty is fundamentally about how your customers feel when they walk into your business or make a purchase. Recognizing your customers’ needs can help you foster true customer loyalty that begins with awareness of your business environment.
So, what’s changed about today’s business environment? Consumers are more skeptical than ever. Recent events including the misuse of personal information by Facebook, a variety of corporate data breaches and a steady stream of unwanted emails have made most customers reluctant to share personal data.
According to a new Privacy Study from the Advertising Research Foundation (ARF), U.S. consumers are less likely to share personal information with companies, e.g., mailing address, email address, compared to the same survey conducted a year ago. The 1,100-person survey showed that only 54% of survey respondents said they would share their email address, a decrease from 61% last year.
Given this, asking weary consumers to sign up for another loyalty program is not an easy proposition. It also might have you rethinking the value and the liability of maintaining detailed, “big data” customer profiles that make your marketing efforts and related customer information an attractive target for hackers.
However, wit… Read More
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